If your child has a summer job, consider opening an IRA for him or her. According to the tax rules, anyone under age 70 1/2 who has earned income can contribute to a traditional IRA. There’s no age restriction for Roth accounts, though the amount of the contribution phases out at higher income levels. The advantage of a Roth over a regular IRA is that withdrawals in retirement will be tax-free. The contribution limit for both kinds of IRA for 2015 is the lesser of the child’s earned income or $5,500.